All Forum Posts by: Michael Ohara

The only way to know is to run some comps, but two bathrooms can be desirable for a family. Of course, the ARV has to justify the cost of the renovation.

At that year built you're gonna run into issues for sure.  I'm not an electrician but with today's demand for electricity to run computers, TVs, appliances, I don't if knob and tube can handle the load of a modern lifestyle.

Your refi interest rate looks light at 3.5 for commercial.  And do commercial loans amortize for 30 years?  Your rehab budget looks good for rehabing individual units, but you might be light if you're looking at roof and larger mechanicals.  Is water individually metered? If not, water budget is small.  What about common area electric, gas?  Anyway, your refi numbers look off.  All the best.

I sold property with owner financing and I had an attorney draw up the docs.  You can simply ask the attorney to give you an example of his last OF contract that he drew up.  Ask the attorney what the foreclosure laws are.  I think main thing find someone with experience in these types of deals.

Since I invest remotely, I need to answer the question: who is on the ground that will give you feedback about neighborhoods and about the property's condition?

@Rashad S.

You can create a free account and do your search. Then at checkout you will see the cost for the list before purchasing.

@Nick Sinur Welcome!  All the best to you.

I can't think of any off hand, but I'm sure there are lenders who offer non-recourse loans. But they will beat you up on points and interest rates. You won't get the low teaser rate that banks offer.

I think partnerships are great (and necessary) to grow your investing strategy. If you've never done a BRRRR before, maybe prove the concept with a SFR first. Then take on a partner for bigger projects.

Never heard of a bank not including an acceleration clause.  Will they actually accelerate the loan? Who knows?  The assumption is banks want to collect monthly interest payments rather than call the loan.